World Championship Wrestling sold to venture capital firm for undisclosed sum

NEW YORK (CNNfn) - Fusient Media Ventures agreed Thursday to acquire World Championship Wrestling from Turner Broadcasting System Inc. for an undisclosed amount.

TBS will retain a minority interest in WCW as well as long-term programming rights. Fusient will take over day-to-day operations of WCW and Brian Bedol, founder of Classic Sports Network, will serve as CEO. Eric Bischoff, the former head of WCW, will return as president.

No other financial terms were disclosed.

Bedol, along with Stephen Greenberg, created the Classic Sports Network which was later sold to ESPN. Bedol and Greenberg later started New York-based Fusient Media Ventures, a venture capital firm that invests in media properties.

Atlanta-based World Championship Wrestling produces live wrestling shows and competes against World Wrestling Federation Entertainment Inc. (WWF: Research, Estimates). The WCW franchise includes popular cable television show WCW Monday Nitro Live and WCW Worldwide, which is seen in syndication in 94 percent of the United States.

WCW, once one of the more popular TV wrestling brands, is now losing money. Analysts estimate that last year the wrestling franchise lost about $80 million.